Extra Investment

By Aston
February 7 2006

Two of Ipswich Town’s share holders have invested extra money into the club while a third person has brought 5% of the club.

Current director and shareholder Holly Bellingham has upped her stake in the club to 13% after converting some of her loan notes into shares while shareholder Michael Spencer has upped his stake in the club to 15%, the maximum allowed by the board with out having to consult Town’s 2,700 or so other shareholders.

 

While Clacton based property developer Kevin Britton plans on buying 5% of the club for around £175,000 and investing another £75,00 in loan notes but his total investment could rise as high as £500,000.

 

Although Mr Spencer and Mr Britton have invested large sums of money into the club neither plan on joining the Town board.

 

Mr Spencer said: “David Sheepshanks and the board are doing a first class job in difficult circumstances.

 

“However, with the benefit of these funds and the long-term investment in the Academy, I have every hope the good times will soon be back at Portman Road.

 

“David and his fellow directors have again offered me a seat on the board but due to business pressures, I have declined as I'm confident that David and his fellow directors will represent my best interest.”

 

Town Chairman David Sheepshanks added: “This is all tremendously good news for the club.

 

“Further new investment for which we are very appreciative, coupled with the rescheduling of our long-term debt puts us in an increasingly stronger position for the future.”

 

Source: Evening Star

 

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